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Insolvency Hit Record High in 2010

Record amounts of people were proclaimed insolvent in England and Wales during the past year.

An all-time high of 135,089 persons were announced insolvent in 2010, the Insolvency Service revealed – 0.7% up on the total for 2009.

The record had been reached in spite of a 13.6% drop year-on-year in individual insolvencies to 30,729 for the last three months of the year, as the improving economic situation began to take hold.

The figures stick to a warning that figures plunged directly into insolvency this year is only going to increase to new records as young families are struck by the Government’s austerity push.

Around 140,000 adults will probably be made bankrupt, or forced straight into another kind of personal insolvency, equal to 385 per day, said accountancy firm RSM Tenon.

Mark Sands, of RSM Tenon, stated: ‘The UK will see the highest levels of personal insolvencies on record as the Government’s austerity measures start to bite.

‘The number of victims will be enough to fill both the London 2012 Olympic stadium and the Emirates Stadium [home to Arsenal football club].’ 

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